MUSCATINE, IA – HNI Corp. announced sales of $663.1 million and net income of $19.5 million for the third quarter of fiscal 2008, ended Sept. 27. Sales for the third quarter of fiscal 2007 were $674.6 million and net income was $35.3 million, translating into a decrease of 1.7% and 44.8% respectively when comparing third quarter 2008 to third quarter 2007.
“We effectively adapted and responded to the economic challenges facing our businesses during the quarter. Inflationary cost pressures and a weak demand environment negatively impacted our profitability, as expected. We were able to partially offset these pressures with price realization and cost containment initiatives despite the difficult conditions,” said Stan Askren, chairman, president and CEO.
“We also maintained our focus on long-term value-creation by continuing to develop new products, investing in selling initiatives, and working to improve our competitive position,” said Askren.
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